THP Files For Chapter 11 Bankruptcy
The Montco homebuilder shut down abruptly last week.
By KAREN ARAIZA
Updated 4:38 PM EST, Thu, Apr 30, 2009
THP, one of the area's largest homebuilders, filed for bankruptcy Thursday, just ten days after it suddenly shut down.
The builder has a dozen developments in the Philly suburbs. Hundreds of homeowners were left devastated, sitting on the biggest unfinished investment of their life.
Under a Chapter 11 Bankruptcy filing, there are two possible scenarios for companies that can't pay their debt: reorganize or liquidate.
The court papers indicate they intend to reorganize. THP owes over $13 million to the top 20 debtors. You can look through the documents and see who they are and how much each is owed.
THP's land use attorney, J. Edmund Mullin told The Reporter on Wednesday that the builder plans to announce in the next few days that it's back in business.
Last week, NBC10's Doug Shimell tried to get some answers:
First Published: Apr 30, 2009 3:00 PM EST
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